Banking assets in the country have grown 8.8% year-on-year (y-o-y) to $383.2bn in March, QNB has said in its Qatar Monthly Monitor.

Bank deposit growth was 9.1% y-o-y in March compared to 6% in February. Deposits from the non-resident and private sector remained stable in March.

Credit growth was 9.6% in March, driven by lending to the public sector, which grew 15% y-o-y, QNB said.

In relation to Qatar economy, the report said the country’s current account surplus widened to 6.4% of GDP in the fourth quarter (Q4) in line with higher oil prices while the financial account deficit narrowed.

However, fiscal account remained in deficit in Q3 but should recover subsequently as revenue rises in line with higher oil prices, QNB said.

Broad money supply (M2) grew by 16.1% in March compared to 15.7% in February. Interbank rates continue to rise in line with increases in US short-term rates.

Exports grew 22% y-o-y in March as a result of higher oil prices while imports grew marginally at 1.3%.